risk management

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Five Considerations for Cyber Risk Management

Risk management is a structured, consistent, and continuous risk management process applied across an entire organization that allows companies to better understand and address material risks.

The following five topics are well worth considering when developing a risk management program.

Leadership Acceptance


Leadership Acceptance
Identify Risk.


Identify Risk.
Assess risk exposure


Assess risk exposure
Implement Changes


Implement Changes
Review and Repeat


Review and Repeat

By 2020, %60+ of digital businesses will suffer major service failures due to the inability of the IT security team to manage digital risk in newtechnology and use cases – The Gartner Group –  Let’s get on a quick call


Key Component to Risk Management Success

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    By defining a governance structure and communicating intent and expectations, leaders and managers ensure appropriate leadership involvement, accountability, and training. That last one is critical: ongoing training is required to maintain expertise and deal with new risks.

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    Information Sharing

    Security is a team sport. The right stakeholders must be aware of risks, particularly of cross-cutting and shared risks, and be involved in decision making. Information-sharing tools, such as dashboards of relevant metrics, can keep stakeholders aware and involved.

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    To prioritize risks and responses, you need information, such as trends over time, potential impact, time horizon for impact, and when a risk will likely materialize (near term, mid term, or long term). This information will enable comparisons of risks.

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    Risk management must also enable continuity of critical missions during and after disruptive or destructive events, including cyber attack.

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    Response Speed

    When an organization is exposed to a risk, speedy response can minimize impact. Identifying risks early helps.

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    Threat Management

    Cyber security does not always pay enough attention to the threat environment. Implementing basic cyber hygiene practices is a good starting point for cyber risk management.

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The benefits of a proactive risk management approach

  • Anticipate

    Appropriate Risk Management cannot give you the capabilities to predict the future, but it can offer you an approach that allows you to detect the appearance of threats early enough to respond effectively.

  • Compliance

    Risk Management is apart of the efforts for compliance regulated environments. PCI, HIPAA, GDPR, CCPA, and more! Staying proactive mitigates exposure to fines.

  • Resilience

    Preparing for and responding to negative events, from the mundane to the catastrophic, from the predictable to the unforeseen, has become a fact of life for businesses and governments around the world.

  • Efficiency

    Risk Management can be defined as a process of continuous improvement aimed at identifying, evaluating and minimizing, among other things, all possible risks related to the activities, operations, and assets of an organization.

  • Prioritize

    All the elements that make up the organization can be evaluated to attribute the corresponding degree of risk. Aimed at determining the most exposed areas of your organization, and whose functioning is of the utmost importance when it comes to guaranteeing the continuity of service delivery.

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Organizations that do not have an effective Risk Management strategy risk suffering situations in which the impact of negative events or threats exceeds their response capabilities.
Michael Bowers, Forbes Business Council